Binance Faces Legal Challenges from SEC, Says Morgan Creek Capital Management CEO
The Founder, CEO, and Chief Investment Officer of Morgan Creek Capital Management, Mark Yusko, has shared his thoughts on the legal challenges faced by Binance from the U.S. Securities and Exchange Commission (SEC). In an interview with Altcoin Daily, Yusko expressed skepticism about the SEC’s authority over a company that primarily operates outside the U.S. He compared it to expecting people in Europe and Japan to follow his instructions just because he is American. Yusko also questioned the SEC’s jurisdiction over Binance, which is registered in the UK, based in Dubai, and only has a small subsidiary in the U.S.
“The SEC is not your regulator now. You have a subsidiary in the U.S. and you could shut that subsidiary down or would that have an impact? Sure, but how much of their total trading volume is it? Maybe it’s bigger than I think, but I think the real impact is the psychological hit on altcoins.”
Yusko also compared most altcoins to gambling tokens, stating that they lack intrinsic value or claim on cash flows. He argued that even certain stocks, like AMC or GameStop, can be considered gambling tokens because people buy them based on hype and speculation rather than fundamental analysis.
Hot Take: SEC’s Actions on Binance Questioned by Morgan Creek Capital Management CEO
Mark Yusko, CEO of Morgan Creek Capital Management, has raised doubts about the jurisdiction of the U.S. Securities and Exchange Commission (SEC) over Binance. He argues that since Binance conducts most of its operations outside the U.S., it is unrealistic for the SEC to claim authority over the company. Yusko compares this to expecting people in Europe and Japan to adhere to his instructions just because he is American. He also questions the SEC’s ability to oversee Binance, given that it is registered in the UK, based in Dubai, and has only a small subsidiary in the U.S. Yusko suggests that the SEC’s actions may have a greater psychological impact on altcoins rather than a significant effect on Binance’s trading volume.
By
By
By
By